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by aaroninsf
1456 days ago
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This is as clear and succinct a statement as to why "web3" has nothing to offer as I have read. Translation: we will rebuild existing financial institutions with a bunch of move-fast break-things poorly-regulated "difi" companies which will both intentionally and through ignorance recapitulate every flaw of the existing financial industry. Purpose: as in the Celsius case, to intentionally exploit regulatory response time so as to extract money through opaque extra-legal and unethical exploits, intended to allow ourselves and chosen insiders to run off it, leaving deluded last-fools holding the bag. There is literally no benefit to anyone except the VC backing the scam, who are using chaff and FOMO to farm rubes. |
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It doesn’t matter if it’s crypto or gold, there will always be people manipulating financial systems, but that doesn’t mean any system is inherently good or bad.
https://en.m.wikipedia.org/wiki/Financial_crisis_of_33
https://en.m.wikipedia.org/wiki/Financial_crisis_of_2007%E2%...
https://en.m.wikipedia.org/wiki/WeWork